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Appendix G: Development Feasibility Everett Housing Action Plan G-7 Owner-Occupied Housing The following statistics are provided for sale prices on the owner-occupied residential housing market, based on the Zillow Housing Value Index (ZHVI) created by Zillow Group, Inc.:  Exhibit 6 provides residential housing prices for 2000–2021, which includes values for Snohomish County as a whole, as well as housing prices for the “bottom tier” (houses in the 5–35% of the distribution of prices), “middle tier” (35–65% of the distribution), and “top tier” (65–95% of the distribution).  Exhibit 7 presents the year-over-year change in housing prices for the middle tier homes in Snohomish County and the City of Everett. This highlights the following:  Owner-occupied housing prices have not been stable over the past 20 years. As compared to rental housing, which has seen changes in rents on a year-over-year basis between -10% and 10%, housing prices have had much greater price swings, experiencing about 15% declines in value YOY during the Great Recession but growth of around 20% YOY increases at certain points over the last 20 years.  There have been considerable price increases in housing, especially since the last recession. From these estimates, growth in housing prices has been considerable since 2013 as the local economy recovered from the recession. Over this period, prices increased by an average of about 9–10% per year, slightly outpacing growth in the County overall. This has meant that between January 2013 and April 2021, prices have more than doubled in Everett, increasing by about 132%. This stands in contrast to changes in median household income, which increased from $50,874 in 2013 to $64,183 in 2019, for an average growth rate of about 4% per year.  There is a currently a lack of available supply on the market. Available statistics from the Northwest Multiple Listings Service (NWMLS) highlight that in the residential market there is a supply of about 0.24 months (about 1 week) available, with 0.26 months available in Everett/Mukilteo. Although the region has been experiencing shortfalls of supply for years, the lack of available housing on the market is contributing to significant short-term price increases.